Foreclosure and Loan Modification Blog

Two Common Nationstar Loan Modification Problems

With a servicing portfolio worth more than $369 billion and over 2.3 million customers, Nationstar is one of the largest mortgage loan servicers in the country.

Nationstar's website says they have “A Culture of Caring,” and “Because we are focused on keeping people in their homes, it's natural for us to want to do all we can to help those who are truly struggling.”

Despite its self-proclaimed “culture of caring,” homeowners often find that it's difficult to deal with Nationstar when trying to get a loan modification, and that they don't feel the servicer does all they can to keep them in their home.

[fa icon="clock-o"] Monday, November 14, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, nationstar loan modification

Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 7,000 homeowners. Here are a few of their stories.

Every week we obtain loan modifications for our clients with a variety of loan servicers. You can see these results as they are announced on Twitter (#loanmodwow) or Facebook. Here are some of our results from this week with SPS, Wells Fargo, Chase, Nationstar, and Loan Care, and one deed in lieu of foreclosure agreement with Carrington:

SPS

Our SPS clients were 89 months and $449,078 past due on mortgage, but we got them a streamline HAMP loan modification with $1,240 monthly savings, interest rate slashed, and $209,885 deferred principal forgiven if paid on time for three years!

4 Things To Know About Loan Modifications With Citi

Are you having a hard time paying your mortgage? Have you already defaulted? If you want to keep your home you should look into getting a loan modification to avoid foreclosure and get your mortgage back to normal. A loan modification can even result in a lower monthly payment and principal forgiveness or forbearance.

To get a loan modification you'll need to work with your loan servicer, which is the company that takes your payments, credits your account, and forecloses on you when you stop paying.

But your servicer isn't necessarily the owner of your loan. That's the investor, and they're the one that has the power to approve or deny your loan modification application.

Some companies, like Ocwen, only service loans, and don't invest in any loans. But some banks, like Citi (aka Citigroup or Citibank), could be both the servicer of and investor in a mortgage, or just one and not the other.

Citigroup is one of the “big four” banks in the U.S. along with Wells Fargo, Bank of America, and JPMorgan Chase. Citi is involved in a lot of mortgages, many of which have defaulted on at one point. We've helped many homeowners who have a mortgage with Citi save their their home through a modification.

[fa icon="clock-o"] Tuesday, November 8, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, citi loan modification

If you're having trouble with your mortgage, you're probably aware of the possibility of getting a loan modification to avoid foreclosure and keep your home. A loan modification is a permanent change to one or more of the terms of your mortgage loan, such as the interest rate, term length, or principal.

The most well-known loan modification program is the federal government's HAMP (Home Affordable Modification Program), which was created in 2009 to help homeowners avoid foreclosure and get a more affordable payment.

But there's another type of loan modification that can be just as good as HAMP. It's called an in-house, or traditional, modification.

An in-house loan modification is not a modification that allows you to stay in your house while your mortgage is being modified. You can do that no matter what type of loan mod you're applying for. (You only have to move out after your house is sold and you've been evicted.)

An in-house loan modification is a proprietary loan mod done by your bank, not through a government program. It's also called traditional because in-house mods have been around since before HAMP was created.

[fa icon="clock-o"] Saturday, November 5, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, HAMP, hamp loan modification

Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 7,000 homeowners. Here are a few of their stories.

[fa icon="clock-o"] Friday, November 4, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, successful loan modifications

Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 7,000 homeowners. Here are a few of their stories.

Rushmore

Fresh start! Our Rushmore client has a 3 month in-house trial loan modification plan after falling 10 months and $22,532 behind on mortgage payments.

[fa icon="clock-o"] Friday, October 28, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, successful loan modifications

Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 7,000 homeowners. Here is one of their stories.

Karen Reyes had a problem with the mortgage on her Florida home. (That's not her real name, but a pseudonym to protect our client's real identity.) Mrs. Reyes had fallen behind on her mortgage payments after the death of her husband and the bank wanted to foreclose.

Chase Loan Modifications, What You Need To Know

If you have a mortgage with Chase and are having difficulty making your monthly payments, or have already defaulted, a loan modification may be right for you.

A loan modification can bring your monthly payment down to an affordable portion of your income, help you avoid foreclosure, and return your loan to normal servicing.

Unless you have the cash to reinstate your mortgage after falling behind, a modifying your loan is probably the only solution that allows you to keep your home.

A loan modification involves making a permanent change to one or more of the terms of a loan. The interest rate on a loan can be lowered, the term length extended, and principal can be forgiven or restructured to bring the payment down. Unlike a refinance, which can also bring a mortgage payment down, there are no closing costs associated with getting a loan modification.

[fa icon="clock-o"] Tuesday, October 25, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, chase loan modifications

Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 7,000 homeowners. Here are a few of their stories.

Every week we obtain loan modifications for our clients with a variety of loan servicers. You can see these results as they are announced on Twitter (#loanmodwow) or Facebook. Here are some of our results from this week, which include results from Chase, Statebridge, Ditech, and SLS:

Central Mortgage

Trial modification payments drop by more than a third, from $1,524 to $972.00, for our client 13 months past due with Central Mortgage.

[fa icon="clock-o"] Friday, October 21, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, successful loan modifications, chase loan modifications

From the point of view of the IRS, any of your debt that is forgiven is considered the same as income, and taxes must be paid on it as such. Forgiven debt has been called phantom income because it's not really income that's there. Despite that, it's still subject to taxation just like it was money you earned at your job.

But in 2007 the Mortgage Forgiveness Debt Relief Act became law, which exempts homeowners from having to pay taxes on forgiven mortgage debt. On January 1, 2017 the act will expire. When it does, forgiven mortgage debt will be taxable again.

Why the Mortgage Forgiveness Debt Relief Act Was Needed

The country has been experiencing a foreclosure crisis over the last decade. More than seven million homeowners have experienced foreclosure since the housing crisis began. As a result so many people had mortgage debt forgiven that the government stepped in to help them avoid even more financial damage with the Mortgage Forgiveness Debt Relief Act.

[fa icon="clock-o"] Monday, October 17, 2016 [fa icon="user"] Maxwell Swinney [fa icon="folder-open'] loan modification, HAMP, foreclosure, Mortgage Forgiveness Debt Relief Act

Foreclosure and Loan Modification Blog

Two Common Nationstar Loan Modification Problems

Successful Loan Modification Roundup Week Of 11/11

SPS

4 Things To Know About Loan Modifications With Citi

What is an In-House Loan Modification?

Successful Loan Modification Roundup Week Of 11/4

Successful Loan Modification Roundup Week of 10/28

Rushmore

Ditech, Bank of America, and Lost Trial Modification Plan Paperwork

Chase Loan Modifications, What You Need To Know

Successful Loan Modification Roundup Week of 10/21

Central Mortgage

Mortgage Forgiveness Debt Relief Act Expiring January 1, 2017

Why the Mortgage Forgiveness Debt Relief Act Was Needed

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